The Worldwide Adhesive Tapes Industry is Expected to Reach $89+ Billion by 2028 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Adhesive Tapes Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Resin Type, Technology, Tape Backing Material (Polypropylene, Paper, Polyvinyl Chloride, and Others), and Application” report has been added to ResearchAndMarkets.com’s offering.

The adhesive tapes market was valued at US$ 60,922.61 million in 2020 and is projected to reach US$ 89,440.92 million by 2028; it is expected to grow at a CAGR of 5.1% from 2021 to 2028.

Adhesive tapes are available in two types-specialty tapes and commodity tapes. The coating technologies utilized in adhesive tapes are water-based, solvent-based, and hot-melt. Technological advancements have led to the growing demand for lightweight backing materials in the recent past. Adhesive tapes offers wide range of application in packaging, automotive, and healthcare industries.

Based on application, the global adhesive tapes market is segmented into packaging, healthcare, automotive, electrical and electronics, building and construction, and others. The automotive segment led the market in 2020. Adhesive tapes have multiple applications in the automotive sector. In the vehicle interior, adhesive tapes are used for seat heating elements, airbag wrapping and securing, steering wheel wrapping, rubber mounting, plastic profiles, and foam and fabric attachment on the instrument panel. In car interiors with features such as attachments for mobile devices, electronic chargers, air purifiers, connection for portable freezers, and other components, adhesive tapes are utilized for fastening and bonding purposes. Moreover, they are used to develop automotive electronics, such as light assemblies, air conditioning systems, electronic display panels, battery connectors & wires, and sensors. Moreover, adhesive tapes are rapidly replacing nut bolt fasteners to reduce vehicle weight and enhance vehicle aesthetics. Rising demand for lightweight sealing in vehicles and increasing utilization of adhesive tapes in the manufacturing of electric vehicles are projected to bolster the growth of the adhesive tapes market in the coming years.

In 2020, Asia Pacific held the largest share of the global adhesive tapes market. It is also estimated to register the highest CAGR in the market during the forecast period. The demand for adhesive tapes is expected to increase in the region due to various factors such as the huge population base, increasing disposable income, and improved living standards. The growth of the automotive market has also propelled demand for adhesive tapes in Asia Pacific. These factors have also attracted foreign players to expand their business in the region. Additionally, the rapid growth of Asia Pacific is attributed to the growth of the construction industry in the region. China is the world’s largest construction market and is expected to grow significantly in the next few years. Moreover, other economies, such as India, are also set to grow at a tremendous rate with the focus on boosting domestic manufacturing activities.

Reasons to Buy

• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the global adhesive tapes market, thereby allowing players to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest `with respect to products, segmentation and industry verticals.

Market Dynamics

Drivers

• Wide Range of Applications of Adhesive Tapes
• Growing Demand for Adhesive Tapes from Automotive Industry in Asia Pacific

Restraints

• Fluctuation in Raw Material Prices

Opportunities

• Replacing Mechanical Fasteners with Adhesive Tape

Future Trends

• Increasing Adoption of Electric Vehicles

Companies Mentioned

• 3M Company
• Nitto Denko Corporation
• Tesa Se
• Lintec Corporation
• Avery Dennison Corporation
• Intertape Polymer Group
• Berry Global Inc.
• Scapa Group Plc
• Lohmann GmbH and Co.Kg
• Rogers Corporation

For more information about this report visit https://www.researchandmarkets.com/r/6usn58

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